Textiles is a fast-paced, highly competitive industry. The recent McKinsey State of Fashion report found that, despite a 21% increase in revenue, inflation and global conflict threaten to cut into current profit margins.
If you’re a business leader in the textiles industry, you should consider looking to artificial intelligence (AI). AI is changing the fashion game and can insulate you against the gloomy forecast that global markets face.
AI can help you make better-informed decisions, too. AI is capable of aiding everything from design choices to supply chain management. This means you’ll be in the best position possible should disruptions to consumer spending affect your current business model.
Consumer Trends
To survive in the fashion world, you must stay up to date with consumer trends. Being behind the times is a surefire way to sink your firm, as no one wants to buy last year’s range. However, predicting consumer trends can be fickle — particularly if you don’t hold major sway just yet in the fashion world.
Artificial intelligence can’t predict when shoulder pads will come back in vogue, but it can help you spot emerging trends in real-time. Unlike humans, AI is capable of breaking down massive data sets in the blink of an eye. This means you can use big data to accurately forecast future fashion trends based on insights like social media engagement and search engine queries.
Collecting consumer data can help you leverage automated design tools, too. Generative AI tools, like those offered by Midjourney and ChatGPT, can speed up the design process by producing a few sketch-like designs for your team. This is extremely helpful if you’re a small business and don’t employ a fleet of fashion designers.
Supply Chain Management
The textile industry is tied at the hip to supply chain management. Without an effective, reliable supply chain, customer orders will go unfulfilled and factory looms will sit idle. However, recent conflicts and embargos have made the global supply chain much more volatile.
Artificial intelligence can improve the resilience of your supply chain and help you identify opportunities for improvement. Other benefits of AI-led supply chain management include:
● Exceeding consumer expectations due to speedy order fulfillment;
● Improved transparency to mitigate lengthy delays;
● Make real-time changes when things go wrong.
AI-led supply chain management is more sustainable, too. The textile industry is notorious for waste production and many consumers now prefer to shop from brands that take climate change seriously. By leveraging AI, you can reduce waste, minimize wait times, and transition to suppliers that have a lower carbon footprint.
Production Safety
The world needs a steady stream of new clothes and fabrics. However, serious concerns about the health and well-being of factory workers have been raised in recent years. Prolonged exposure to cotton dust has been associated with respiratory issues like asthma, byssinosis, and chronic bronchitis.
Artificial intelligence can make the textile industry much safer for workers and the surrounding community. AI is capable of monitoring and improving workplace safety through:
● Analysis: AI can crunch huge data sets and find potential anomalies in operations or the environment. This can help managers spot issues and address them before an accident occurs.
● Prediction: Even the best factory managers can’t predict every mishap. AI uses a myriad of sensors connected to the Internet of Things (IoT) to spot issues like poor air quality and equipment malfunctions. This can speed up repairs and reduce the risk of illness.
● Emergency Response: A rapid response is critical when things go wrong. Automating the emergency protocols ensures that post-accident procedures are implemented as soon as possible.
Much must be done to ensure the health and well-being of workers. However, installing IoT-integrated AI is a step in the right direction for any firm that cares about mitigating illness and accidents.
Cybersecurity and E-Commerce
E-commerce is a lucrative sales avenue for any textiles or fashion business. Selling directly to consumers online can reduce the costs associated with a brick-and-mortar location and help firms find new customers.
However, companies that sell online need a robust cybersecurity program to keep the business safe. As a business leader, you should lead the charge by utilizing the latest breakthroughs in AI to test and improve your current security.
You can start using AI to improve security by using risk decisioning automation software. Risk decisioning programs rely on existing data to spot unusual or suspicious activity on your e-commerce site. If the program detects something unusual, like a log-in from an atypical time zone, it automatically steps up security by requesting a two-factor authentication login.
Cybersecurity managers are also notified in real-time, meaning they won’t be caught off guard.
Conclusion
Artificial intelligence is revolutionizing industries around the globe. The textile industry is well-positioned to utilize AI, as many fashion firms use big data to inform their business decisions.
You can also use AI to improve safety in your factories, as IoT-integrated sensors are capable of spotting poor air quality and worn-out equipment. This reduces your risk of costly errors and helps you fulfill more orders on time.
